Common use of FIRST RIGHT OF OFFER Clause in Contracts

FIRST RIGHT OF OFFER. Provided Tenant is not in default hereunder, during the Term, Tenant shall have the first right of offer (the "First Right of Offer") on available space in the Building (the "Expansion Space"). Landlord shall provide to Tenant written notice of such Expansion Space as it becomes available outlining the square footage and market terms and conditions in similar quality flex buildings in the Research Triangle Park area. Tenant may exercise the First Right of Offer only by delivering to Landlord, within ten (10) business days after receipt of Landlord's notice, a written notice of Tenant's election to exercise the First Right of Offer. In the event Tenant does not respond to Landlord's notice within the said ten (10) day period, then Landlord may pursue other interested tenants. However, if Tenant exercises its First Right of Offer, then Tenant and Landlord shall commence good faith negotiations to lease the Expansion Space under the following conditions: (i) the terms of said lease shall be at the then current market terms and rates negotiated by Landlord and Tenant, however, if Landlord and Tenant can not agree upon a rental rate, the rental rate shall be determined by arbitration, (ii) this Lease shall be amended to incorporate the terms of leasing the Expansion Space and the term of any lease for the Expansion Space shall expire on the Termination Date; provided, however, if this Lease is not amended to incorporate the terms of leasing the Expansion Space, then the lease term for such Expansion Space shall expire on the Expiration Date; and (iii) if Tenant exercises its First Right of Offer during the last year of the Term, then this Lease FOR THE EXPANSION SPACE ONLY shall be amended to extend the Term for a minimum of three (3) years.

FIRST RIGHT OF OFFER. Provided Tenant is not then in default hereunder, during the Termof this Lease beyond any applicable notice and cure period, Tenant shall have the first right of offer (the "First an exclusive Right of Offer") on First Offer relative to the Newbury Design Premises as follows: The Newbury Design Premises are available space in the Building (the "Expansion Space"). Landlord shall provide to Tenant written notice as of such Expansion Space as it becomes available outlining the square footage and market terms and conditions in similar quality flex buildings in the Research Triangle Park areaDecember 1, 2011. Tenant may shall exercise the First its Right of First Offer only by delivering in writing delivered to Landlordthe Landlord on or before April 1, within ten (10) business days after receipt of Landlord's notice, a written notice of Tenant's election to exercise the First Right of Offer2011. In the event that Tenant does not respond fails to Landlord's notice within the said ten (10) day period, then Landlord may pursue other interested tenants. However, if Tenant exercises exercise its First Right of OfferFirst Offer on or before April 1, then 2011 and the Newbury Design Premises remain available after May 1, 2011, Landlord shall re-offer the Newbury Design Premises to the Tenant and Landlord the Tenant shall commence good faith negotiations have a continuing right to lease the Expansion Space under the following conditions: (i) the terms of said lease shall be at the then current market terms and rates negotiated by Landlord and Tenantaccept, however, if Landlord and Tenant can not agree upon a rental rate, the rental rate shall be determined by arbitration, (ii) this Lease shall be amended to incorporate the terms of leasing the Expansion Space and the term of any lease for the Expansion Space shall expire on the Termination Date; provided, however, if this Lease is not amended that such right to incorporate accept may be terminated by Landlord by written notice to Tenant that Landlord has a signed Letter of Intent with another prospective tenant. In the terms of leasing the Expansion Space, then the lease term for such Expansion Space shall expire on the Expiration Date; and (iii) if event that Tenant exercises its First Right of Offer during First Offer, the last year Newbury Design Premises shall be subject to the terms and conditions of this Lease, including, without limitation, the same Termination Date and Tenant lease extension rights as all of the Termother Premises, then this Lease FOR THE EXPANSION SPACE ONLY except that the Annual Base Rent shall be amended $19.00 per rentable square foot. In addition, the Newbury Design Premises shall be delivered to extend the Tenant with Landlord having provided new building standard carpet and paint. The Rent and Term Commencement Date for a minimum the Newbury Design Premises shall be December 15, 2011, noting that Landlord has agreed to provide Tenant with early access to these premises at least fourteen (14) days’ prior to the Rent and Term Commencement Date for the purpose of three (3) yearsinstallation of furniture systems, equipment, telephone, data and similar items.